Goldman Sachs Said to Cut Administrative Jobs in the U.S.
Goldman Sachs Group Inc. (GS), the fifth- biggest U.S. bank by assets, eliminated several dozen jobs to pare expenses in the U.S., according to a person familiar with the matter.
The cuts affected positions in New York, New Jersey and Salt Lake City, Utah, according to the person, who wasn’t authorized to comment and asked for anonymity. Another person with knowledge of the matter said the reductions affected administration and other jobs that don’t produce revenue.
Wall Street firms are targeting expenses as trading slows and new regulations pinch profit. Goldman Sachs employed 32,400 people at the end of March, down 8 percent in 12 months. Reuters reported the cuts earlier.
Goldman Sachs is scheduled to report its second-quarter earnings on July 17. The New York-based firm will probably show profit of $1.46 a share, down from $3.92 in the first quarter, according to the average estimate of 25 analysts surveyed by Bloomberg.
Earlier this month, Goldman Sachs cut fewer than 50 jobs to trim expenses, a person familiar with the matter said at the time.
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.